The Bitwise Zcash Strategy ETF is a pending crypto strategy fund targeting Zcash (ZEC), a privacy-focused cryptocurrency that uses advanced cryptography to shield transaction details. Filed with the SEC in December 2025, this represents one of the first attempts to bring privacy coin exposure to regulated U.S. investment products. Zcash's optional privacy features distinguish it from transparent blockchain networks.

The fund employs a strategy structure, allocating up to 60% of assets directly in ZEC with the remainder in exchange-traded products and derivatives providing Zcash exposure. This approach balances direct token ownership with flexibility in managing exposure through other instruments. The hybrid model allows the fund to participate in Zcash's privacy-preserving ecosystem while maintaining operational efficiency.

Pending regulatory approval, this ETF would provide institutional investors with compliant access to privacy-focused cryptocurrencies. The filing comes amid ongoing discussions about privacy coins and regulatory oversight, making approval uncertain but potentially groundbreaking. If launched, it would be among the first U.S. ETFs offering exposure to privacy-enhanced blockchain technology.